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This Termination of Residential Lease agreement may be used to terminate a lease upon mutual agreement by both the landlord and the tenant. This agreement effectively ends the lease on the condition that the tenant returns the premises in good condition and the landlord returns the tenant's security deposit. It contains the standard provisions that are commonly included in these types of agreements as well as opportunities for customization to fit the specific needs of the parties. This document should be used by landlords and tenants located in Delaware when mutually agreeing to terminate a lease.
Docstoc Legal Agreements This Termination of Residential Lease agreement may be used to terminate a lease upon mutual agreement by both the landlord and the tenant. This agreement effectively ends the lease on the condition that the tenant returns the premises in good condition and the landlord returns the tenant's security deposit. It contains the standard provisions that are commonly included in these types of agreements as well as opportunities for customization to fit the specific needs of the parties. This document should be used by landlords and tenants located in Delaware when mutually agreeing to terminate a lease. ® DISCLAIMERS: ALL INFORMATION AND FORMS ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY OF ANY KIND, EXPRESS, IMPLIED, OR OTHERWISE, INCLUDING AS TO THEIR LEGAL EFFECT AND COMPLETENESS. They are for general guidance and should be modified by you o r your attorney to meet your specific needs and the laws of your state. Use at your own risk. 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All Rights Reserved TERMINATION OF RESIDENTIAL LEASE THIS TERMINATION OF LEASE AGREEMENT (“Agreement”) is between _____________ __________________ [Instruction: Insert the name of landlord or manager (if applicable)] (“Landlord”) and ____________________________________ [Instruction: Insert the name of tenant] (“Tenant”). RECITALS WHEREAS Landlord has entered into a certain Residential Lease with Tenant dated ______ [Month] ____ [Date], 20____ [Instruction: Insert the date of Residential Lease Agreement] (the “Lease”) for the premises located at ____________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ [Instruction: Insert the address of the Premises] (the “Premises”); WHEREAS, Tenant and Landlord wish to end their relationship and mutually agree to terminate the Lease forthwith; NOW THEREFORE, in consideration of the mutual covenants and recitals, Landlord and Tenant hereby acknowledge that the Lease in favor of Tenant is terminated effective on ____ [Month] ____ [Date], 20____ conditional upon the following: 1. Premises: The Premises being returned to Landlord is in good and clean condition, undamaged and restored to the original condition of the Premises that existed at the commencement of the Lease, normal and ordinary wear and tear excepted. 2. Security deposit: Landlord holds Tenant’s security deposit of ____________ ($____) [twenty thousand dollars ($20,000)] [Instruction: Insert the security deposit amount]. If the Tenant fulfills the obligation under clause 1 and obligations under the Lease, then Landlord shall return the security deposit within Twenty (20) days of the expiration or termination of the rental agreement under Delaware [STATUTE]. Landlord reserves the right to use the security deposit for the purposes set forth in the Lease. 3. Representation and Warranty: Tenant represents and warrants to Landlord as follows: a. Tenant has the right and authority to enter into this agreement; b. Tenant has complied with all obligations under the Lease, and will continue to comply with all of such obligations until the effective date of termination. © Copyright 2011 Docstoc, Inc. registered document proprietary, copy not 2 4. Other terms: ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ __________________________________________________________________________. [Comment: Kindly write any special terms discussed and agreed between Landlord and Tenant in the above space, otherwise delete section 4.] 5. Counterparts: The parties acknowledge and agree that this Agreement may be executed and effectuated through transmission of signed facsimiles or imaged documents (e.g., .pdf, .jpeg, or .tiff) attached to emails, and in counterparts, and shall be binding upon the parties as if they were original documents. [Comment: This section 5 is not required, but the parties may use it if they so wish] IN WITNESS WHEREOF, the parties hereto have set and subscribed their respective hands unto this Agreement on the day and date first set out hereinabove. For: LANDLORD Signed: _________________________________ Name: __________________________________ For: TENANT Signed: ________________________________ Name: _________________________________ © Copyright 2011 Docstoc, Inc. registered document proprietary, copy not 3
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